THE MOKNTK Gr STAB, ; WILMIK GTOK , K. C, WEDNESDAY, DECEMBER 6, 1911.
PAGE 2.
y
of was reasonable at common law, De
cause It was said that the statute was
directed against all contracts and com
binations In restraint of trade, whether
. reasonable at common law or not It
was plain from the record, however,
that the. contracts complained' of in
those cases would not have been deem
ed reasonable at common law. In sub
sequent cases the court said that the
statute should be? given a reasonable
construction and refused to include
within its inhibition certain contrac
tual restraints of trade which It de
nominated as incidental or as indirect
These cases of restrant of trade that
the court excepted from the operation
of the statute were instances which
at common law would have been call
ed reasonable. In the Standard Oil
and tobacco cases, therefore, the court
merely adopted the tests of the com
mon law and In defining exceptions to
the literal application of the statute
only substituted for the test of being
incidental or Indirect that of being
'reasonable, and this without varying
In the slightest the actual scope and
effect of the statute. In other words,
all the cases under the statute which
have now been decided would have
been decided the same way If the
court had originally accepted in Its
construction the rule at common law.
It has been said that the court by in
troducing into the construction of the
statute common law distinctions has
emasculated it This Is obviously un
true. By its Judgment every contract
and combination in restraint of inter
state trade made with the purpose or
necessary effect of controlling prices
by stifling competition or of establish
ing in whole or in part a monopoly of
such trade is condemned by the stat
ute. The most extreme critics cannot
instance a case that ought to be con
demned under the statute which is not
brought within its terms as thus con
strued. The suggestion Is also made that the
supreme court by. its decision in the
last two cases has committed to the
court the undefined and unlimited dis
cretion to determine whether a case of
restraint of trade is within the terms
i of the statute This la wholly untrue.
A reasonable restraint of trade at com
mon law is well understood and is
clearly defined, j It does not rest in the
discretion of the court; It must be
-. limited to accomplish the purpose of a
lawful main contract to which in order
that it shall be enforceable at all it
must be incidental. If it exceed the
needs of that contract it is void.
The test of reasonableness was never
applied by the court at comman law
to contracts or combinations or con
spiracles in restraint of trade whose
purpose was or whose necessary effect
would be to stifle competition, to con
trol prices or establish monopolies.
The courts never assumed power to
say that such contracts or combina
tions or conspiracies might be lawful
If the parties to tbem were only mod
erate in the use of the power thus se
cured and did not exact from the pub
lic too great and exorbitant prices. It
is true that many theorists and others
' engaged in business violating the stat
; ute haye hoped that ' some such line
could be drawn by courts, but'no court
of authority has ever attempted "it
Certainly there is nothing in the deci
sions of the latest two cases from
.which such a dangerous theory of Ju
dicial discretion in enforcing this stat
ute can derive the slightest sanction.
Force and Effectiveness of Statute a
Matter of Growth.
We have been twenty-one years mak
ing this statute effective for the pur
poses for which! it was enacted. The
Knight case was discouraging and
deemed to remit to the states the whole
available power to attack and suppress
the evils of the trusts. Slowly, howev
er, the error of that Judgment was cor
rected, and only in the last three or
four years has the heavy, hand of the
law been laid upon the great Illegal
combinations that have exercised such
an absolute dominion over many of our
Industries. Criminal prosecutions have
been brought and a number are pend
ing, but Juries have felt averse to con
victing for Jail sentences and Judges
have been most reluctant to impose
such sentences on men of respectable
standing in society whose offense has
' been regarded as merely statutory.
Still, as the offense becomes better un
derstood and the committing of if par
takes more of studied and deliberate
defiance of the law we can be confi
dent that Juries will convict individu
als and that Jail sentences will beTlm
posed. . - ' .
The Remedy In Equity by Dissolution.
In the standard Oil case the supreme
and circuit courts found the combina
tion to be a monopoly of the Interstate
business of refining, transporting and
marketing petroleum and its products,
effected and maintained through thirty-seven
different corporations, the
slock of which was held by a New Jer
sey company. It in effect commanded
the dissolution of this combination, di
rected the transfer and pro rata distri
bution by the New Jersey company of
the stock held by it in the thirty-seven
corporations to and among its stock
holders, and the corporations and indi
vidual defendants were enjoined from
conspiring or combining to ; restore
such monopoly, and all agreements be
tween the subsidiary corporations tend
ing to produce or bring about further
violations of the act were enjoined.
In the tobacco case the court found
that the individual defendants, twenty-nine
in number,- had been engaged
in a successful effort to acquire com
plete dominion over the manufacture,
sale and distribution of tobacco In this
country and abroad and that this had
been. done by combinations made with
a purpose and effect to stifle competl
tion, control prices and establish' a
monopoly, not only in the manufacture
of tobacco, but also of tin foil and lic
orice used in its manufacture and of
its products of cigars, cigarettes and
snuffs. The tobacco suit presented a
far more complicated and difficult case
than the Standard Oil suit for a decree
which would effectuate the will of the
court and end the violation of the stat
ute. There was here no single hold-
ing company, as tk tare" case or we
Standard Oil trust The main company
was the American Tobacco company,
a manufacturing, selling and holding
company. The plan adopted to de
stroy the combination and restore com
petition involved the redivision of the
capital and plants of the whole trust
between some of the companies con
stituting the trust and new companies
organized for the purposes of the de
cree and made parties to It and num
bering, new and old, fourteen.
Situation After Readjustment
The American Tobacco company
(old), readjusted capital $92,000,000;
the Liggett & Meyers Tobacco company
(new), capital $07,000,000; the P. Loril
Iard company (new), capital $47,000,
000, and the R. J. Reynolds Tobacco
company (old), capital $7,525,000. are
chiefly engaged in the manufacture
and sale of chewing and smoking to
bacco and cigars'. The former one tin
foil company is divided Into two, one
of $825,000 capital and the other of
$400,000. The one snuff company is
divided Into three companies, one with
a capital of $15,000,000, another with a
capital of $8,000,000 and a third with
a capital of $8,000,000. The licorice
companies are two, one with a capital
of $5,758,300 and another with a capi
tal of . $2,000,000. There is also the
British-American Tobacco company, a
British corporation, doing business
abroad with a capital of $20,000,000,
the Porto Rican Tobacco company,
with, a capital of $1,800,000, and the
corporation of United Cigar Stores,
With a capital of $9,000,000.
Under this arrangement each of the
different kinds of business will be dis
tributed between two or more compa
nies with a division of the prominent
brands in the same tobacco products,
so as to make competition not only
possible, but necessary. -Thus the
smoking tobacco business of the coun
try is divided so that the present in
dependent companies have 21.39 per
cent while the American Tobacco com
pany will have 33.08 per cent, the Lig
gett & Meyers 20.05 per cent the Loril
lard company 22.82 per cent and the
Reynolds company 2.66 per cent The
stock of the other thirteen companies,
both preferred and common, has been
taken from the defendant American
Tobacco company and has been dis
tributed among its stockholders. All
covenants restricting competition have
been declared null and further per
formance of them has been enjoined.
The preferred stock of the different
companies has now been given voting
power which was denied it under the
old organization. The ratio of the pre
ferred stock to the common was as 73
to 40. This constitutes a very decided
change in the character of the owner
ship and control of each company.
In the original suit there were twenty-nine
defendants, who were charged
with being the conspirators through
whom the illegal combination acquired
and exercised its nnlnwfnl dnmlnlnn I
Under the decree these defendants will
hold amounts of stock in the various
distributee companies ranging from 41
per cent as a maximum to 28 per
cent as a minimum, except in the case
of one small company, the Porto Rican
Tobacco company, in which they will
hold 45 per cent The twenty-nine In
dividual defendants are enjoined for
three years from buying any stock ex
cept from each other, and the group is
thus prevented from extending its con
trol during that period. All parties to
the suit and the new companies " who
are made parties are enjoined perpet
ually from in any way effecting any
combination between any of the com
panies in violation of the statute by
way of resumption of the old trust
Each of the fourteen companies is en-
Joined from acquiring stock in any of
the others. All these companies are
enjoined from having common direc
tors or officers, or common buying or r
selling agents, or common offices, or
lending money to each other.
Size of New Companies.
Objection was made by certain in
dependent tobacco companies that this
settlement was unjust because it left
companies with very large capital ia
active business and that the settle
ment that would be effective to put all
on an equality would be a division of
the capital and plant of the trust into"
small fractions in amount' more near
ly equal to that of each of the inde
pendent companies. This contention
results from a misunderstanding of
the anti-trust law and its Duroose. It
is not intended thereby to prevent the
accumulation of large capital in busi
ness enterprises in which such a com
bination can secure reduced cost of
production, sale and distribution. It
is directed against' such an aggrega
tion of capital only when its purpose
is that of stifling competition, enhanc
ing or controlling prices and establish
ing a monopoly. If we shall have by
the decree defeated these purposes
and restored competition between the
large units into which the capital and
plant have been divided we shall have
accomplished the useful purpose of
the statute.
Confiscation Not the Purpose of the
Statute.
It is not the purpose of the statute
to confiscate the property and capital
Of the offending trusts. Methods of
punishment by fine or imprisonment
of the Individual offenders, by fine of
the corporation or by forfeiture of its
goods in transportation are provided,
but the proceeding In equity is a spe
cific remedy to stop the operation of
the trust , by injunction and prevent
the future use of the plant and capital
in violation of the statute.
Effectiveness of Decree.
I venture to say that not in the .his
tory of American law has a 'decree
more effective for such a purpose been
entered by a court than that against
the tobacco trust As Circuit Judge
' Noyes" said in his Judgment approving
the decree: . . - .
"The extent to which it has been
necessary to tear apart this combina
tion and force it into new forms with
the attendant burdens ought to demon
strate that the federal anti-trust statute
is a drastic statute which accomplishes
effective results, which so long as It
stands on the statute books must be
obeyed and "which canndt be disobey
ed without Incurring f arreachlng pen
alties. And, on the other hand, the
successful reconstruction of this "or
ganization should teach that the effect
Of enforcing this statute is not to de
stroy, but to reconstruct.; not to de
molish, but to recreate In " accordance
with the conditions which the congress
has declared shall exist among the
people of the United States." '
Common Stock Ownership.'
It has been assumed that the pres
ent pro rata and common ownership in
all these companies by former stock
holders of the trust would Insure a
continuance of the same old single con
trol of all the companies into Which
the trust has by decree been dislnte
grated. This is erroneous and is' based
upon the assumed inefBcacy and Innoc
uousness of judicial injunctions. ' The
companies are enjoined from cc-o'pera-tion
or combination; they have differ
ent managers, directors, purchasing
and sales agents. If all or many of
the numerous stockholders, reaching
into the thousands, attempt to secure
concerted action of the companies with
aNview to the control of the market
their number is so large that such an
attempt could not well be concealed,
and Its prime movers and all its partic
ipants would be at once subject to con
tempt proceedings and imprisonment
Of a summary character. The immedi
ate result of the presnt situation will
necessarily be activity by all the com
panies under different managers, and
then competition must follow or there
will be activity by one company and
stagnation by another. . Only a short
time will Inevitably lead to a change
in ownership of the stock, as an op
portunity for continued co-opera tloa
must disappear. Those critics who
speak of this disintegration in the trust
as a mere change of garments have not
given consideration to the Inevitable
working of the decree and understand
little tb personal danger of attempt
ing to evade or set at naught the sol
emn Injunction of a court whose object
is made plain by the decree and whose
inhibitions are set forth with a detail
and comprehensiveness unexampled in
the history of equity jurisprudence.
Voluntary Reorganizations of Other
Trusts at Hand.
The effect of these two decisions has
led to decrees dissolving the combina
tion of manufacturers , of electric
lamps, a southern ' wholesale grocers
association, an interlocutory decree
against the powder trust with direc
tions by the circuit court compelling
dissolution, and other combinations of
a similar history are now negotiating
with the department of justice looking
to a disintegration by decree and re
organization in accordance with law.
It seems possible to bring about these
reorganizations without general busi
ness disturbance.
Movement For Repeal of the Anti
trust Law.
But now that the anti-trust act is
seen to be effective for the accomplish
ment of the purpose of its enactment
-we are met by a cry from many differ
ent quarters for its repeal. It is said
to be obstructive of business progress,
to be an attempt to restore old fash
ioned methods of destructive competi
tion between small units and to make
impossible those useful combinations
of capital and the reduction of the cost
of production that are essential to con
tinued prosperity and normal growth.
In the recent decisions the supreme
court makes clear that there is noth
ing in the statute which condemns
combinations of capital of mere big
ness of plant organized to secure econ
omy in production and a reduction of
its cost It is only when the purpose
or necessary effect of the organization
and maintenance of the combination
or the aggregation of immense size are
the stifling of competition, actual and
potential, and the enhancing of prices
and .establishing a monopoly that the
statute is violated. Mere size is no
sin against the law. The merging of
two or more business plants necessari
ly eliminates competition between the
units thus combined, but this elimina
tion is in contravention of the statute
only when the combination is made for
purpose of ending this particular com
petition in order to secure control of
and enhance "prices and create a mo
nopoly. Lack of Defjnitenees In the Statute.
The complaint is made of the stat
ute that it is not sufficiently definite
in its description of that which is for
bidden to enable business men to avoid
Its violation. The suggestion, is that
we may have a combination of two
corporations which may run on for
years and that subsequently the at
torney general may conclude that it
was a violation of the statute and that
which) was supposed by the combiners
to be innocent then turns out to be a
combination in violation of the statute.
The answer to this hypothetical case
is that when men attempt to amass
such stupendous capital as will enable
them to suppress competition, control
prices and establish a monopoly they
know the purpose of their - acts. Men
dp not do such a thing without having
it clearly in mind. If what they do is
merely for the purpose of reducing the
cost of production, without the thought
of suppressing competition by use of the
bigness of the plant they are creating,,
then they cannot be convicted at the
time the union is made, nor can they
be convicted later unless it happen
that later on they , Conclude .to sup
press competition and take the usual
methods for doing so and thus estab
lish for themselves a monopoly. . They
Can in such a case hardly complain if
.the motive which subsequently is dis
closed is attributed by the court to the
original combination.
" New Remedies Suggested.
- Mu Is said ,of the repeal of this
statute and of constructive legislation
intended to accomplish the purpose
and blaze a clear path for honest mer
chants and business men to follow. It
may be that such a plan will be
Evolved, but I submit that the discus
sions which have been brought out In
recent days tJ the fear of the con-
tiauedeJtecutRm p".fr toe anti-trust law
have - preucedfyoming ijut: glittering
generalities and have offered no 'line
of distinction or rule of action as defi
nite and as clear as that which the su
preme court Itself lays down in en
forcing the statute.' ; T r-
Supplemental Legislation Needed, Not
. Repeal or Amendment ' 1
I. see no objection, and Indeed I. can
see decided advantages.' in the enact
ment of a law which shall describe
.and denounce methods of competition
which are unfair and nre badges of the
unlawful purpose denduhced . In the
antl-trusj; law.y The attempt and pur
pose to suppress n competitor by un
derselling him at a price sounprofita
ble as t$ drive him out of business Or
the making ot exclusive contracts with
customers;, under which they are re
quired to . jfive up association with oth
er "manraqturers and numerous kin
dred methods for stifling competition
and effecting monopoly should be de
scrlbedUwith sufficient accuracy In "a
criminal1 statute on the one handy to
enSble tne government to shorten Ife
task-by, prosecuting single misdemean
ors Instead of an entire conspiracy and
on the other hand to serve the purpose
of pointing out' more In detail to
the business community what must be
avoided.
Federal Incorporation Recommended.
In a special message to congress on
Jan. 7. 1910. I ventured to point out
the disturbance to Dusmess tnat wouia
probably attend the dissolution of these
offending trusts. ; I said:
"But such an investigation and pos
sible prosecution of corporations whose
prosperity of' destrtfcfton affects the
comfort not only of stockholders, but
of millions of wage earners, employees
and associated tradesmen, must neces
sarily tepd" tq disturb the confidence
of the tftj&iness comfx&mlty', to dry up
the now-flowing sources of capital
from its places of hoarding and pro
duce a halt in our present prosperity
that will cause suffering and strained
circumstances among the innocent
many fon-the faults of the guilty few.
The question which! I wish in this
messaget.o bring cldarly to the con
sideration and discussion of congress
Iswhether. in order to avoid such a
possible business danger, something
cannot be done by which these busij
ness combinations may be offered a
means, without great financial dis
turbance, of changing the character,
organization and extent of their busi
ness into one within the lines of the
law under federal control and super
vision, securing compliance with the
anti-trust statute.
"Generally in the industrial combina
tions cajll 'trusts' the principal busi
ness is the sale of goods in many states
and in foreign markets in othtr words,
the interstate and foreign business far
exceeds the buslncsjfdone in any one
state. This fact will justify the fed
eral government in! granting a federal
charter to such a combination to make
and sell .in interstate and foreign com
merce the products ef useful manufac
ture under sucjb Hmrfajions as will se
cure a compUathce withtythe anti-trust
law JtflTpossible so to frame a stat
ute thatwhile It pffers protection to a
federal ctopany tfgalnst harmful, vex
atious anS unnecessary invasion by the
states, it shall subject It to reasona
ble taxation and control by the states
with respect to its purely local busi
ness. "Corporations organized under this
act should be prohibited from acquir
ing and holding stock iu other corpo
rations (except for special reasons,
upon approval by the proper federal
authority), thus avoiding the creation
under national auspices of the holding
company with subordinate corporations
In different states, which has been
such an effective agency in the crea
tion of the great trusts and monopo
lies. "If the prohibition of the anti-trust
act against combinations in restraint
of trade is to be effectively enforced
it is essentia that the national govern
ment shall provide for the creation of
national corporations to carry on a le
gitimate business throughout the Unit
ed States The conflicting laws of the
different? states of 'the Union with re
spect to foreign corporations make it
difficult, jif not impossible, for one cor
poration -to comply with their require
ments so as to carry on business in a
number of different states.
I' renewthe" recommendation of the
enactment of a general law providing
for the 'voluntary,, formation of cor
porations to engage In trade and com
merce, among the states and with for
elgn nations. Every argument which
was then advanced for such a law and
every explanation which was at that
time offered to possible objections has
been confirmed by our experience since
the enforcement of the anti-trust stat
ute has resulted in the actual dissolu
tion of active commercial organiza
tions. '
It Is even more manifest now than
it was then that the denunciation of
conspiracies in restraint of - trade
should not and does not mean the de
nial of organizations large enough to
be intrusted wirhfbur interstate and
foreign-tfade. It has been made more
clear now than It was then that a
purely negative statute like the anti
trust law may well be -supplemented
by specific" provisions for the. building
up, and regulation of legitimate na
tional and foreign .commerce.
Goernment Administrative Experts
'Needed tc- Aid, Cburts In Trust
-'. .J Dissolutions.
r The drafting of the decrees in the
'dissolution of the present trusts, with
a view to their reorganization Into le
gitimate corporations, has made it es
pecially apparent that the courts are
not provided with the administrative i
machinery to make the necessary In
quiries preparatory to reorganization
or to pursue such -inquiries, and they
should be empowered to Invoke the
aid of the bureau of , corporations in
determining the suitable reorganiza
tion of the disintegrated parts. The
circuit court and, the attorney general!
?were greatly ajidea in rraming tne ae
cree inrthe tobacco trust dissolution by:
an expert from the bureau of corpora
tions. x - " .. '.;
Federal Corporation Commission Pro
" '-'posed.
I do not set forth la detail the terms
and sections of a statute which might
supply the constructive legislation per
mitting and aiding the formation of
combinations of capital into federal
corporations. They should be subject
to rigid rules as to their organization
and procedure!: including effective -publicity,
and to the closest supervision as
to the issue of stock and bonds by an
executive bureau or commission in the
department of commerce and labor, to
which in . times of doubt they might
well submit their proposed plans for
future business. It must be distinctly
understood that incorporation under a
federal law could not exempt the com
pany thus formed and Its incorporators
and managers from prosecution under
the anti-trust law for subsequent il
legal conduct but the publicity of its
procedure and the opportunity for fre
Qcent consultation with the bureau or
commission In charge of the incorpora
tion as to the legitimate purpose of its
transactions would offer It as great se
curity against successful prosecutions
for violations of the law as would be
practical or wise.
Such a bureau or commission-might
well be invested also with the duty
already referred to of aiding courts
in the dissolution and recreation of
trusts within the law. It should be an
executive tribunal of the dignity and
power of the comptroller of the cur
rency or the interstate commerce com
mission, which now exercises supervis
ory power over important classes of
corporations under federal regulation.
The drafting of such a federal in
corporation law would offer ample op
portunity to prevenCVnany manifest
evils in corporate intinagement today.
Including irresponsibility of control in
the hands of the few who are not the
real owners.
Incorporation Voluntary.
I recommend that the federal char
ters thus to be granted shall be volun
tary, at least until experience justifies
mandatory provisions. The benefit to
be derived from the operation of great
businesses, under the protection of such
a charter would attract all who are
anxious to keep within the lines of the
law. Other large combinations that
fail to take advantage of the federal
incorporation will not have a right to
complain if their failure is ascribed to
unwillingness to submit their transac
tions to the careful official scrutiny,
competent supervision and publicity
attendant upon the enjoyment of such
a charter.
Only Supplemental Legislation Needed.
The opportunity thus suggested for
federal Incorporation, it seems to me,
Is suitable constructive legislation
needed to facilitate the squaring of
great industrial enterprises to the rule
j of action laid down by the anti-trust
I law. This statute as construed by the
' supreme court must continue to be the
line of distinction for legitimate busi
ness. It must be enforced "unless we
are to banish lndividnaliscV from all
business and reduce it to one common
system of regulation or control of
prices like that which now prevails
with respect to public utilities and
which when applied to ail ' business
would be a long step toward state so
cialism. Importance of the Anti-trust Act
The anti-trust act is the expression
of the effort of a freedom loving peo
ple to preserve equalitJTof opportunity.
It is the result of the confidenfdeter
mlnation of such a people to maintain
their future growth by preserving un
controlled and unrestricted the enter
prise of the Individual, his industry,
his ingenuity, his intelligence and his
independent courage.
For twenty years or more this stat
ute has been upon the, statute book.
All knew its general purpose and ap
proved. Many of its violators were
cynical over Its assumed impotence.
It seemed Impossible of enforcement
Slowly the mills of the courts ground,
and only gradually did the majesty of
the law assert Itself. Many of its
statesmen-authors died before It be
came a living force, and they and oth
ers saw the evil grow which they had
hoped to destroy. Now Its efficacy Is
seen; now Its power Is heaVy; now its
object Is near achievement Now we
hear the call for Its repeal on the plea
that it Interferes with business pros
perity, and we are advised In most
general terms bow by some other stat
ute and In some other way the evil
we are just stamping out can be cured
If we only abandon this work of twen
ty years and try another experiment
for another term of years.
It is said that the act has not done
good. Can this be said in the face of
the effect of the Northern Securities
decree? That decree was In. no way
so drastic or lnhibitive in detail as ei
ther the Standard Oil decree or the
tobacco decree. But did It not stop
for all time the then powerful move
ment toward the control of 'all the
railroads of the country in a single
hand?. Such a one man power could
not have been a 'healthful influence In
the republic, even though exercised
under the general supervision of an
interstate commission. .
Do we desire to make such ruthless
combinations and monopolies lawful?
"When all energies are directed,' not to
ward the reduction of the cost of pro
duction for the public - benefit by a
healthful competition, but toward new
ways and means , for making perma
nent in a few hands the absolute con
trol of the conditions and prices pre
vailing in the whole field of industry,
then individual enterprise and effort
will , be paralyzed and the spirit of
commercial freedom will be dead.
WMr H. TAFT.
The White House, Dec. 5, 191L . '
To clean white palat. jilp a 'dean
cloth In hot water, then In, bran and
rub it. Rinse .with clear water
., : iz
PILES Cl'RED IN 6 TO 14 DAYS.
Yorr dmepist will refund monev if PAZO
OINTMENT . falls to -enre- anv of
Itching. BUnrt, Bleedinsr or Protruding1
Piles in 6 to 14. days. 50c., : , V
- " 9
yl(adls
. .
It Is natural for a child, to laugh and
play and when it sulks drowsily or
cries you may depend on it something
physical is the matter. If you see no
evidences of a serious ailment you will
not be wrong- If you quietly give It a
dose of mild laxative that evening: on
putting it to bed.
i The remedy most generally recom
mended for this purpose is Dr. Cald
well's Syrup Pepsin, which mothers
throughout the country have been giving
their children for a quarter of a cen
tury. Today thousands of families are
using it where - hundreds used it then,
and there must be good reason for this
word of mouth recommendation.
It Is admittedly the perfect laxative
for children, women, old people and all
others who need a gentle bowel stimu
lant and not a violent salt, cathartic
pill or doctored water. Dr. Caldwell's
Syrup Pepsin will act gently, and when
taken before retiring will bring com
If
The intervening days will be thronged thick and deep
with Christmas shoppers.
This store offers a complete stock of very fine quality
and affords every possible facility for accurate service.
DIAMOND RINGS
CAMEO EFFECTS
PLATINUM PINS
CHASED BRACELETS
SILVER OF REFINED STYLE. ARTWARE OH
MANY KINDS.
HONNET coSJiV
le3-t.f
POCAHONTAS Steam COAL
Thacker Lump Coal. Wood, All Cuts. . Lime, Ce
ment, Plaster, Walrus Roofing, Shingles, Brick, Pipe, &c
Your orders Respectfully Solicited.
W. B. THORPE & CO.
PHONE 789
v i
I '
New Line
- -
HORSE BLANKETS, LAP
ROBES AND HARNESS
City
Phone 15.
I
ATLANTIC INN
EUROPEAN PLAN.
Being opposite the Union Depot is, therefore, most
convenient to Traveling Men. Large, Airy Rooms and
Good Restaurant.
GIESCHEN BROS. :: :::: :: :: :: :: Proprietors
Latest and best Selling Books
THE COMMON LAW, by Robert W." Chambers.
' V THE NE'ER DO WELL, by Rex Beach. ' "
THE WINNING OF BARBARA WORTH, by Harold Bell Wright.
THE GLORY OF CLEMENTINA, by William J. Locke.
KENNEDY SQUARE, by F. Hopkiqson Smith.
THE MILLER OF OLD CHURCH, by Ellen Glasgow.
ROBERT C. DeROSSET
BOOKSELLER
Atlantic Paint & Varnish Works
PAINTS, VARNISHES, LEADS, OILS, WINDOW
GLASS, GLAZING, PLATE, GLASS, &C, &C
21 MARKET ST.
'PHONE 343.
migjDinie
PERFECT FUEL FOR ALL GASLOLINE ENGINES! MORE pjv"
MORE RUNNING HOURS, FOR LESS MONEY,
i , Drop Us a Card If you operate a GasoMne Enfllne, and we will hoW
you how to Save Money on your Fuel Bill.
Cape Feao" i I Co.
s , ; 'A WILMINGTON, N. C. ..j
Kerosene, :: Gasoline i and :: Lubricating Uiw. (
si Laxative
plete satisfaction in tfc
After a short use of this t Jn
forms of outside aid can V e?edy all
with and nature will "aln 'spe,nse
. All classes of good Ami ne
keep it in the home tor'u prer.le
stomach, liver and bowels, and lhs
tha thousand Kn u ' an' anir,n
doctor that they wm ntver'11, hs
It are Mrs. J. W. Brooks.lDurharn v "Ut
and Mrs. C. M. Branch, Aptx v C'
oa. v en many a Eern .
a serious illness. P "0n frn
Anyone wishing to mak a trtoi
remedy before buying it in th of thl
way of a druggist at flftv reKUla''
dollar a largeboUle (famUvLT ono
have a sample bottle pn ; ?l7 car
free of charge by simply ad iV.hue hom
W. B. Caldwell; 40?vS 'ni! 1)r
Montlcello. 111. Your name and Xt
on a postal card wiU do. t0es3
i ne
Flame
Soon the Yuletide logs
will be burning bright
ly upon' the Christmas
fireside.
PEARL FESTOONS
GEM-SET BROOCHES
BEADS OF PRECIOUS STONES
JEWELED WATCHES
Livery Company
2EC
& STATIONER.
..uirD
i
i
t